Gold Spot Price Open: $1,607
Gold Spot Price Close: $1,598
Change in Gold Spot Price:-$9
Silver Spot Price Open: $28.76
Silver Spot Price Close: $28.40
Change in Silver Spot Price:-$0.36
Gold and silver both had fairly bad days at the office on Thursday as it seems people are no longer buying the yellow metal in response to the goings on in Cyprus. At closing time gold was down about 9 dollars while silver was down 6 cents over 30.
If you thought you were done hearing about Cyprus, you were very greatly mistaken. The eyes of the world were fixated, once again, on the island nation of Cyprus as banks there opened after an almost two week holiday. Many anticipated that ATMs would run out of cash like they did almost two weeks ago and that the situation would turn ugly, quickly. What happened was to the contrary of what most people had anticipated, while there were lines they were not absurdly lengthy and people remained relatively composed.
Elsewhere in Europe the Germans reported a rise in their unemployment rate as the general outlook on European economies is far from good. Even though the US reported a slew of economic data, none of it had much of an effect on gold or silver. As the week comes to an end tomorrow, and a large part of the world focuses their attention on the Easter holiday, trading is expected to be largely subdued. Hopefully tomorrow will see precious metals gain some value back to end the week on a positive note.
